House prices in fastest rise for two years

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House prices in fastest rise for two years

House prices in fastest rise for two years
A mortgage glut and an extra half a million people in work are pushing up house prices at the fastest annual pace for more than two years, according to Halifax. The improvement comes as the Bank of England’s Funding for Lending scheme dramatically cuts the cost of loans.
The Independent, p. 54
Also appeared in : The Sun, p.42-43, Independent i, p.40, The Guardian, p.34

Wolseley shuts pension fund
Wolseley, the go-to shop for builders and plumbers, yesterday announced plans to shut its final salary pension scheme to future contributions.
City AM London, p. 17
Also appeared in : The Independent, p.54-55, Independent i, p.42

Portuguese banks raided in rate-fixing probe
Yesterday antitrust authorities raided the offices of leading Portuguese banks as part of a mortgage fixing probe.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Natwest customers unable to take out cash
Natwest yesterday reported IT problems that left customers unable to withdraw cash or make transactions online.
The Guardian, p. 34

King calls for break-up of RBS before sell-off
Sir Mervyn King, the Governor of the Bank of England, yesterday claimed that the current status of RBS was “nonsense”, instead advocating its division into a good and bad bank. His statement came during an appearance before Parliament’s banking standards commission, who he told that “It is not beyond the wit of man to restructure RBS such that it could be sold back to the private sector relatively soon. It should not take more than a year. But that means accepting the losses”.
The Guardian, p. 31
Also appeared in : The Independent, p.12, The Times, p.1, Daily Express, p.2, City AM London, p.1, Daily Express, p.14, City AM London, p.14, Metro London, p.62, The Independent, p.53, The Guardian, p.34, The Sun, p.42-43, The Daily Telegraph Business, p.1-4, Metro London, p.7, The Daily Telegraph Business, p.2, Daily Mail, p.67, International Herald Tribune, p.16, Daily Mirror, p.12, Independent i, p.2, Independent i, p.7, Daily Mail, p.12, The Daily Telegraph Business, p.4, Evening Standard London, p.15, Financial Times, p.1, Daily Mail, p.14, Evening Standard London, p.1-2

Payday lenders given deadline to clean up act or face closure
The Office of Fair Trading said it had uncovered evidence of “widespread irresponsible lending” by the country’s 50 leading payday loan companies, and added that it would be referring the industry to the Competition Commission. Clive Maxwell, OFT chief executive, said the problems were not restricted to a “few rogue lenders”. He wanted to “impose lasting solutions” on the industry.
The Daily Telegraph Business, p. 4
Also appeared in : The Times, p.41, The Sun, p.6, City AM London, p.24, The Daily Telegraph Business, p.2, Daily Mail, p.14, City AM London, p.5, Daily Mail, p.4, Financial Times, p.2, Evening Standard London, p.28-29, Daily Mirror, p.6-7, Daily Star, p.2, Daily Express, p.8

RBS sorry after customers hit by software glitch
The Royal Bank of Scotland, NatWest and Ulster Bank customers were last night prevented using their cards, drawing cash or using online services because of a computed glitch.
The Independent, p. 22
Also appeared in : The Times, p.4, City AM London, p.24, The Times, p.4, Daily Mail, p.10

Want a loan? Try the Swedes
It has been revealed that Bank of England governor Sir Mervyn King wrote to a Midlands businessman urging him to approach a Swedish bank for a loan after being turned down by the Bank of Scotland.
The Times, p. 4
Also appeared in : Daily Mirror, p.12, Independent i, p.7

France and Italy warn ‘Tobin Tax’ may threaten bond market
Europe’s “Tobin Tax” on financial trades risks damaging the sovereign bond market and may prove self-defeating, officials in charge of managing French and Italian public debt have warned. Both France and Italy have been keen advocates of the new Financial Transaction Tax (FTT) proposed by Brussels last month, claiming that it will raise money and curb speculation. But they may have overlooked the unintended effect on their own borrowing costs. Maya Atig, acting chief of the French debt agency, said the European Commission’s internal documents acknowledge that the FTT could drain liquidity in the bond markets by 15pc, an effect that would push up yield spreads and raise debt costs.
The Daily Telegraph Business, p. 4
Also appeared in : City AM London, p.11

Fight EU’s ‘vengeful’ bonus cap, urges Boris
Boris Johnson has called on the Government to step up its fight against a proposed cap for bankers’ bonuses. Attacking the European Union proposals, the Mayor of London said: “This is a vengeful and self-defeating attempt to pick on London.”
The Daily Telegraph Business, p. 1
Also appeared in : Evening Standard London, p.1-2

New Governor Carney may be given more powers
Treasury officials are discussing proposals to change the inflation-targeting remit of the Bank of England and hand more powers to Mark Carney when he becomes Governor this summer.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times, p.1

US attorney-general says some banks are ‘too large’
Eric Holder, the US attorney-general, told Congress that some banks are “too large”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

EU cap on bankers’ bonuses is unhelpful distraction, says King
Sir Mervyn King has told the Banking Standards Commission that the controversial European Union cap for bankers’ bonuses is an unhelpful “distraction”. Andrew Bailey, the incoming head of the Prudential Regulatory Authority, said banks were likely to respond to the cap by raising fixed salaries and that this could interfere with regulators’ efforts to ensure that bonuses can be clawed back.
The Independent, p. 53

Elliott sells Nat Express shares
Elliott Advisors (UK), the biggest investor in National Express, has announced that it is selling half of its near 20 pc stake in the British transport group to diversify its portfolio.
City AM London, p. 18

Gilts
Yesterday British government bonds ended on a firm footing as investors awaited a Bank of England decision on whether to inject more stimulus into the economy. The Bank’s verdict, to be announced at midday today, rests on a knife-edge.
The Times, p. 49

The above articles appeared on 07/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.